In this 15-minute chart of the US30, we have observed a completed Elliott Wave sequence culminating at a high that potentially marks the end of a significant bullish phase. As the index now embarks on a corrective journey, I've applied Fibonacci retracement levels to identify potential reversal zones that could signal the beginning of a short opportunity.
Starting from the recent high, our analysis focuses on several critical Fibonacci levels that may serve as targets for the retracement:
- The first level at 0.167 (38863.45) has already been tested.
- Key levels to watch now are the 0.382 (38772.06), 0.500 (38721.85), and particularly the 0.618 (38671.65), a common retracement level where significant reversals can occur.
The strategy is to observe price action at these levels closely for indications of resistance and potential downward reversal. A solid confirmation of bearish momentum at these Fibonacci levels could validate a short entry.
Risk management is crucial; thus, setting stop losses slightly above the recent peak ensures protection against potential upward spikes. This setup targets the lower Fibonacci levels, providing a structured approach to capturing potential downturns in the market.
This analysis suggests that traders prepare for a short scenario, watching for price action to confirm movement towards and potentially beyond the 0.618 level, aiming for a conservative exit or scale-out points.
Starting from the recent high, our analysis focuses on several critical Fibonacci levels that may serve as targets for the retracement:
- The first level at 0.167 (38863.45) has already been tested.
- Key levels to watch now are the 0.382 (38772.06), 0.500 (38721.85), and particularly the 0.618 (38671.65), a common retracement level where significant reversals can occur.
The strategy is to observe price action at these levels closely for indications of resistance and potential downward reversal. A solid confirmation of bearish momentum at these Fibonacci levels could validate a short entry.
Risk management is crucial; thus, setting stop losses slightly above the recent peak ensures protection against potential upward spikes. This setup targets the lower Fibonacci levels, providing a structured approach to capturing potential downturns in the market.
This analysis suggests that traders prepare for a short scenario, watching for price action to confirm movement towards and potentially beyond the 0.618 level, aiming for a conservative exit or scale-out points.
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